Europe’s stock valuations may already reflect benefits of QE along with lower euro and oil prices Source: FactSetResearchSystems data as of 1/13/15. <PAGEBREAK>European stock markets seem to have priced in the potential

forces must to push it in that direction. But it’s difficult to find such forces today. According to FactsetResearchSystems , stock prices seem to have sprinted ahead of both trailing and forward earnings (see graphs). Without